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Peru's Grana y Montero reports $24.4 million profit
April 28, 2017 / 5:46 PM / 8 months ago

Peru's Grana y Montero reports $24.4 million profit

LIMA, April 28 (Reuters) - Grana y Montero , Peru’s biggest construction conglomerate, posted a profit of 79.1 million soles ($24.40 million) in the first quarter due to the sale of real estate assets, the company said on Friday.

That was up 11.6 percent compared with a profit of 70.9 million soles in the same period a year ago. The company had owned a 20 percent stake in Brazilian builder Odebrecht’s $5 billion natural gas pipeline contract, which Peru’s government canceled in January amid a graft scandal.

That prompted Grana y Montero to announce a $300 million asset sale plan to boost liquidity. In the first quarter, construction income fell 40 percent to 568.2 million soles, but sales of property and other non-strategic assets quadrupled to 290.4 million soles, the company said.

The company’s shares were up 1.9 percent to 2.18 soles on Friday afternoon. ($1 = 3.2420 soles) (Reporting by Ursula Scollo; Writing by Luc Cohen; editing by Diane Craft)

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